Before becoming a franchisee, be sure to follow these six tips to truly understand what it takes to join a franchise system.
You need to make sure you completely understand what franchising is. Learn franchising terminology and business models, and study successful case studies. If you want your franchise business to be a success, make sure you know what you’re getting into.
Do Your Research
It’s important to know what expectations there are for brand standards, levels of support, metrics for success, etc. Not all brands work the same way. Speak with other franchise owners and ask them how sustainable they think the business model is, their opinions on the successes and failures of the business, the support that is offered and more. You may also want to ask what makes the brand stand out from others, such as their impact on their communities or their involvement in charities.
Determine Your Needs
Create a business plan. Include timelines, budgets, a competitive analysis and organizational charts. Most importantly, you need to figure out what kind of capital you need to start up a successful franchise.
Embrace The Brand
Make sure you agree with what the brand stands for and feel excited about the opportunities it will bring. To be successful and happy, you need to love what you do. Your values should align with the values of the brand.
Evaluate what makes the franchise system unique and understand what value they can provide you, whether in business or personally. Do you think there will be room for further expansion or growth? Look to the future and determine whether the model will be able to sustain you over the long term.
Inspect The Trends
Look at the health of the brand and investigate its longevity. You don’t want to invest in a business model that is a fly-by-night, flash-in-the-pan fad. Decide for yourself whether or not you believe the business will still be operating in the next five, fifteen, or even twenty five years. A history of success and a consistent rise in positive metrics will help show you whether or not the franchise model you are considering is something you can belong to for many years to come.
Have we captured your interest?
TWO MEN AND A TRUCK® is an industry leader in local and regional moving and our franchisees enjoy the benefits and success of being part of a growing multi-billion dollar service industry supported by a world class franchise organization. At TWO MEN AND A TRUCK® we firmly believe our economically sustainable competitive advantage is our high standard of customer satisfaction. When we bring a new franchisee into the system, they become a part of our mission to deliver on this customer satisfaction promise.
We’re looking for franchisee candidates who would be interested in purchasing and developing these markets: